Explore BrainMass

Project Portfolio Management for Organization

1.You are the Project Manager for a project included in the organization's portfolio. List five (5) reasons we do Project Portfolio Management. Select 2 of the 5 and describe why it is important. What is your primary responsibility as program manager to ensure your project stays in the portfolio?

2.Critical Chain Management vs. Critical Path Management: When is the critical chain not the critical path? Define how project and feeder buffers developed and how they are used.

3.As program manager of a large multi-project program you are experiencing difficulties planning and coordinating the many functional resources that are required to execute the project work. Describe the concept of interface management and the five steps of project interface management. Explain how you could implement an interface management plan to allow for improved control and coordination of the program. Include in your discussion why managing the project interfaces are important.

4. discuss the two managerial approaches: single-leader discipline and team discipline. Using a project environment discuss what each approach means and when it would be appropriate to use each approach.

Solution Preview

Answer one:

Project Portfolio management is done in the company so as help in selecting the most important projects among many; to help reduce wasteful spending by allocation resources in areas they are most needed; to improve the portfolio quality and project mix; to ensure that the programs and projects in the company align with the objectives, goals and strategies of the business; and manages projects holistically ensuring effective communication of project details including information such as benefits and costs, and financial data (Hughes, 2007).

In ensuring that the projects within the company align with the strategies, objectives and goals of the organization, a project portfolio management in essence ensures that every single in the project is aimed at enabling the company be able to achieve its business objectives, and also ensures that they complement the business strategies employed in the company. In this sense, it allows the company to be able to get the best possible out of the various projects to add value to the company (Hughes, 2007).

In helping to select the most important projects among many, a project portfolio management helps the management of the company to focus on the vital project out of a wide array of many interesting projects and in essence therefore utilize company resources in a most effective and strategic manner (Hughes, 2007).

The primary responsibility as a program manager in ensuring that my project stays in the portfolio is to efficiently lead my team to create many deliverable in the project and make effective decisions concerning the project in order to achieve accountable results which contribute to the company's bottom line. In this way, the program will stay in the portfolio.

Answer two:

In this environment where the organization employees a matrix approach to program management, I would harness the skills of employees in the company irrespective of their departments or the functions they perform in order to be better able to collaboratively work on the assigned key project. In this sense therefore I would pool the necessary resource and skills in order to achieve the overriding objective from a project, and in this ...

Solution Summary

The solution discuses project portfolio management for the organization's portfolio.